Grasim’s focus on paint, B2B e-com: Birla

livemint.com:

₹1,979 crore in the paint business in fiscal year 2023, Kumar Mangalam Birla, chairman Grasim Industries Ltd, told the 76th annual general meeting. “Your company has embarked on a transformational growth phase with the incubation of two new high-potential growth engines—paints and B2B e-commerce for building materials. In FY23, your company executed its largest ever capital expenditure investing ₹4,307 crore including ₹1,979 crore toward the paints business," he added.

Birla said Grasim is progressing well in the paints business. “The project work is progressing as per plans at all the six sites, and commissioning of plants will start in phases from Q4FY24. The state-of-the-art research and development facility is fully operational." He said, ‘Birla Pivot’, is now operational, catering to customers in Madhya Pradesh, Maharashtra and Delhi.

“This initiative aligns seamlessly with the government’s goals for Digital India and the empowerment of MSMEs (micro, small and medium enterprises)," he added. Grasim recorded a year-on-year growth of 23% in consolidated revenue from operations, reaching an all-time high of ₹1.17 trillion. Consolidated earnings before interest, taxes, depreciation and amortization increased to ₹20,478 crore.

////web/// “FY23 was a milestone year for your company as consolidated revenue for the first time surpassed the ₹1 trillion mark," Birla added. Grasim’s VSF business recorded its highest-ever sales volume of 711KT (KiloTon) for FY23, up 18% YoY. The chemical business also reported revenue and Ebitda standing at ₹10,422 crore and ₹2,271 crore respectively.